The Business Times

US: S&P 500, Nasdaq open at fresh record highs; Powell testimony awaited

    • The broad-based S&P 500 added 0.2 per cent at 5,584.73, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 18,475.66.
    • The broad-based S&P 500 added 0.2 per cent at 5,584.73, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 18,475.66. PHOTO: BLOOMBERG
    Published Tue, Jul 9, 2024 · 09:49 PM — Updated Tue, Jul 9, 2024 · 09:54 PM

    WALL Street stocks were mostly higher early Tuesday (Jul 9), with both the S&P 500 and Nasdaq adding to records ahead of congressional testimony from US Federal Reserve Chair Jerome Powell.

    Powell’s appearance before the Senate Banking Committee comes amid expectations for interest rate cuts later in 2024 that have contributed to a string of recent records.

    “There’s not much news,” said CFRA Research’s Sam Stovall. “So therefore, there’s not anything out there to upset the upward trend.”

    About 10 minutes into trading, the Dow Jones Industrial Average was down 0.2 per cent at 39,281.58.

    The broad-based S&P 500 added 0.2 per cent at 5,584.73, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 18,475.66.

    Besides Powell’s appearance, this week’s calendar includes key inflation data and a spate of earnings from JPMorgan Chase and other large banks, kicking off the second-quarter reporting season. AFP

    S&P 500NasdaqDow Jones

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